Reddit, the popular social media platform, is planning to eliminate its crypto-powered “Community Points” reward tokens, according to a report by TechCrunch.
What Happened: The tokens, which were introduced three years ago, aimed to incentivize high-quality contributions from Reddit users. However, Reddit intends to completely phase out these tokens by November 8.
Initially minted on the Ethereum (CRYPTO: ETH) network, the Community Points are ERC-20 tokens that were later shifted to the scaling network Arbitrum Nova. Users could redeem these tokens for various perks on Reddit, including badges, emotes, GIFs, and other features.
Will The SEC Finally ...